Builders sold 782 homes in Las Vegas’ largest master-planned community last year, down 52 percent from 2021, according to separate reports last week from two consulting firms.
Eli Segall
Reporter: Real estate
Email: esegall@reviewjournal.com
Phone: (702) 383-0342
X: @eli_segall
Eli Segall joined the Review-Journal in August 2016 after covering real estate and other business topics for four years at the Las Vegas Sun. He also worked for the Silicon Valley/San Jose Business Journal, The Associated Press and other news groups. Segall has a bachelor’s in political science from the University of Michigan and a master’s in journalism from the University of Maryland. His awards include 2017 Story of the Year from the Nevada Press Association.
Brett Mufson, president of project developer Jeffrey Soffer’s firm Fontainebleau Development, is now top boss of the towering north Strip resort.
The deal called for Vici Properties to pay around $1.27 billion in cash to financial giant Blackstone.
The Fontainebleau’s path to opening has received a major boost from Vici Properties and Blackstone.
A hospital chain acquired a sprawling land tract on Las Vegas Boulevard, raising the prospects of a new medical campus.
A sharp jump in mortgage rates has sparked big drops in home sales, widespread price cuts and huge increases in available inventory.
The new measures, which take effect Sunday, follow a turbulent year for casino operators in the lucrative Chinese gambling market.
The sale, marks a new chapter for a property that once had unspeakable violence.
“The conversation has changed from how high prices have gone to how far and how quickly they are falling.”
Southern Nevada’s housing market pumped the brakes in 2022 amid fast-rising mortgage rates. But it wasn’t the first time increased borrowing costs slowed home sales.
Southern Nevada’s wheeler-dealer market didn’t disappoint this year, as investors bought hotels, high-priced land and other properties.
Tolles Development Co. is looking to start the first phase of a warehouse and distribution complex off Interstate 15 in Jean in the second quarter of 2023.
Vici Properties, which owns The Mirage’s real estate, entered a lease with Hard Rock International that calls for initial annual rent of $90 million.
Southern Nevada’s market remains in something of a logjam, and industry experts predict a muted year ahead for housing nationwide.
An industry group cited high mortgage rates, elevated construction costs and “flagging consumer demand due to deteriorating affordability conditions.”